Magic Eden Sets To Extend Its Diamond Reward Program To ETH NFT Holders In March

Updated: 23 February 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Magic Eden, the cross-chain non-fungible token market platform, has announced plans to extend its recently launched diamond reward program to Ethereum non-fungible token holders. The now highly awaited incentive program extension is set to start this coming month.

Magic Eden To Extend Its Reward Program To ETH NFT Holders

In a February 22 blog post, Magic Eden confirmed plans to extend its Diamond Reward Program to investors holding Ethereum-based non-fungible token collections. The now highly anticipated NFT incentive program is scheduled to kick off on March 13, 2024.

ETH OGs get your wallets ready.

Diamond Claim 03.13. pic.twitter.com/YwPHtSkoAb

— Magic Eden 🪄 (@MagicEden) February 22, 2024

Launched in 2021, Magic Eden is a digital asset market platform allowing users to discover, trade, and create non-fungible token collections. Magic Eden initially started as a Solana-based NFT market platform, but it has since expanded its support to other blockchain networks like Polygon, Ethereum, and Bitcoin.

Since its inception, Magic Eden has grown into one of the largest NFT marketplaces with over 8,000 collections, about $1.9 billion secondary trading volume, and over 22 million unique monthly visitors. In June 2022, Magic Eden raised $130 million in a Series B round that granted it unicorn status. At the time, the NFT marketplace had a market valuation of around $1.6 billion.

Magic Eden Diamond Reward Program Explained

Magic Eden launched its Diamonds Reward Program for Solana NFT holders late last month. The number of Diamonds tokens earned determined the number of rewards and the amount of a future airdrop. The NFT marketplace also determined the amount of Diamond airdrops based on the users’ activity since the marketplace’s inception.

Introducing Magic Eden Rewards

We’ve spent the last year designing a long term, cross-chain NFT rewards program built for everyone. This isn’t just another points campaign. It’s a meticulously crafted plan to give back to Magic Eden’s OGs, collectors, creators, and degens alike.… pic.twitter.com/RQkJpoZEvi

— Magic Eden 🪄 (@MagicEden) January 23, 2024

In that case, the more investors traded Solana NFTs on Magic Eden in the past three years, the more retroactive Diamonds they received. The quantity of Diamonds also depended on the total trading volume. Moreover, NFT collectors could also maximize the Diamonds airdrops by purchasing native listings on the Magic Eden NFT marketplace.

Trading NFTs on Ethereum, Solana, Bitcoin, and Polygon blockchains also allowed users to get retroactive Diamonds. Magic Eden requires users to maintain 100% loyalty to receive a maximum Diamond Bonus. Starting March 13, all Ethereum NFT holders can claim their Diamonds tokens.

Magic Eden rewarding OG ETH NFT traders 👀

Big win for those who may have missed early Solana and BTC NFT action.

Looks like ME Diamonds trading for about $0.05 right now, though on very small volume. https://t.co/WmIQSnQsMj pic.twitter.com/WMgKVwkJZc

— TylerD 🧙‍♂️ (@Tyler_Did_It) February 22, 2024